How to Determine If a Dead Person Had a Life Insurance Policy
It's estimated that more than 25 percent of all life insurance policies in the United States go unclaimed. Unfortunately, many people with life insurance policies neglect to mention that they have one, assuming that the policy will be a part of their estate. Insurance companies will try to contact a beneficiary if they are notified of the death, but if it's an older policy that has been paid in full, heirs may not know whom to contact. With a little detective work, it is possible to find out whether a dead person had a life insurance policy.
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Instructions
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Look through the deceased person's paper work and mail. It's time consuming, but all paper work from old bills to personal telephone books should be looked over for insurance information. Look through old check stubs and credit card statements to determine whether the deceased made payments to an insurance company. Alternatively, if the insurance policy is active and payments were made monthly or quarterly, the policy holder may receive an insurance bill in the mail sometime after his death.
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Investigate current and previous car, home or health insurance providers. It's not uncommon for people to use one provider for all of their insurance needs. Contact all of the insurance companies that the deceased had business with to find out whether he took out a life insurance policy with them.
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Speak with the person's business associates. Employers, former employers and co-workers may have information about policies that were taken out through their company. Ask the deceased's attorney as well. It may not have been included in probate or a will, but the attorney may know about a policy.
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Contact the deceased's bank to find out whether the person took out a life insurance policy with it. People often use the same bank for checking, savings, mortgage, investments and even insurance. Alternatively, check with the bank to find out whether the deceased had a safe-deposit box. Many people place important papers in them.
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Check with the department of insurance in the state where the deceased lived. Each state has a department of insurance and if it doesn't have information on a particular policy, it can direct you to other policy locating resources. Alternatively, if it has been more than a few years since the person died, check with the state treasury's unclaimed properties department. Most insurance companies turn unclaimed policies over to the state after three to five years.
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Tips & Warnings
When looking through a person's paper work and bills, don't neglect to check old tax records to find out whether interest on the policy was claimed or recorded.
Use an insurance policy locating service to search for missing policies. Locating services charge a fee, but it may save you time and money in the long run.
You will need an estate executor or the policy beneficiary to get information on the policy even if it's found.
